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Jan 28, 2013
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macro environment for the euro is decidedly upwards. that's not to say that currency may not weaken to the u.s. dollar but there is not that kind of explosion that people were hoping for. so i would avoid being short things like this. particularly as retail investor. where you're not able to sit in central banking meetings. >> 134, 135 is where you're sitting, the euro has been. 134 1/2. joey? >> anadarco was a stock we were talking about 80, it got there today. look, if you're a near term trader, you take some off fund manically. the story changed for anadarko. i think this is a name you own. >> stepm? >> such a good performer. not even that expensive. the long-term average is about 15 1/2 times. i think theme parks will do very well this quarter and into 2013 continue to do good. in terms of studio as well. and one interesting thing about disney is they spent the last couple of years, a ton of money, on investment, right? that goes away in 2013 s think you might have margin. on a pull-back, i would be a buyer. >> let's talk some waste
macro environment for the euro is decidedly upwards. that's not to say that currency may not weaken to the u.s. dollar but there is not that kind of explosion that people were hoping for. so i would avoid being short things like this. particularly as retail investor. where you're not able to sit in central banking meetings. >> 134, 135 is where you're sitting, the euro has been. 134 1/2. joey? >> anadarco was a stock we were talking about 80, it got there today. look, if you're a...
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Jan 24, 2013
01/13
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now we've got the right costs for the new environment we're in. and is this a cross to the board picture? >> definitely. banking ultimately is such for the underlying economy. so i think it doesn't take an economy to tell us that the next couple of years is going to be choppy and not the growth we've had for the last 20 years. banking has to go back to basics. fist, think about your revenue and cost base. here on the cost base, huge improvements. they've always been unmanaged because the revenue is growing so, you know, clearly matched to pay people twice as much as we have to. today, people working from i.t. to legal to front office staff to traders, everyone in my view is clearly overbased. given the number of job opportunities that are there, i think banks cap capitalization. they should tell management, cut your costs. and i am sure people would be very happy. >> we're going to see a lot more come on the compensation levels. how should they measure compensation? particularly in banking? >> certainly. so first of all, up to now in investment ba
now we've got the right costs for the new environment we're in. and is this a cross to the board picture? >> definitely. banking ultimately is such for the underlying economy. so i think it doesn't take an economy to tell us that the next couple of years is going to be choppy and not the growth we've had for the last 20 years. banking has to go back to basics. fist, think about your revenue and cost base. here on the cost base, huge improvements. they've always been unmanaged because the...
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Jan 24, 2013
01/13
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. >> gina, let's talk about the macro environment. it is getting better. and what the market looks for is those -- those incremental data points, the new pieces of news. whether they're actually really good or just a little bit better than people expected or better than bad. so where are your thoughts on the economy, here in the states as well as globally, and how do you position for that? >> right. so when we look at the broader economic landscape, we use the leading economic indicators index which improved a touch in december. but it is still down on a year over year basis. or decelerating i should say on a year over year basis, tends to be the best leading indicator of earnings growth for the s&p 500 over time. i think unfortunately this is all perceptions with respect to the economic data. instead the leis are continuing to decelerate. some of the leading indicators have done a little bit of better in the december, november, december period versus the prior three months. but on the longer term scale, we see this ongoing desell ration. >> you don't thin
. >> gina, let's talk about the macro environment. it is getting better. and what the market looks for is those -- those incremental data points, the new pieces of news. whether they're actually really good or just a little bit better than people expected or better than bad. so where are your thoughts on the economy, here in the states as well as globally, and how do you position for that? >> right. so when we look at the broader economic landscape, we use the leading economic...
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Jan 28, 2013
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consumers are continuing to face economic challenges and this uncertain economic environment sn environment. >> you know, jackie just mentioned coach. you will bring us through some winners and sinners too. >> everyone is in on this trade. the last five years haven't been the best on the 50e cannot my but a little retail therapy helped investors along the way. since 2007, three of the top ten of the s&p 500 are consumer discretionary companies. also, making up nearly half of the 42 component that have doubled in that time period with those bar bell retail traids providing investors with the highest returns. discounters including ross stores, tjx, dollar tree and family dollar, all gaining a hundred percent or more since the october 2007 peak, but so too have ralph lauren and fossil on the high ends. on the dow, home depot come in as the top performer. wal-mart number four. so home depot and wal-mart are two that are up double digits. consumer discretionary groups, both leading the broader s&p 500. but the bulk of retail earners are yet to hit the tape. that could change everything. especial
consumers are continuing to face economic challenges and this uncertain economic environment sn environment. >> you know, jackie just mentioned coach. you will bring us through some winners and sinners too. >> everyone is in on this trade. the last five years haven't been the best on the 50e cannot my but a little retail therapy helped investors along the way. since 2007, three of the top ten of the s&p 500 are consumer discretionary companies. also, making up nearly half of the...
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Jan 24, 2013
01/13
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revenue is still growing rather slowly but still a pretty good environment. >> all right. here we go. the first of the earnings out from microsoft. we were expecting 75 cents. came in at 76 september, beating by a penny. the revenue was expected to be 21.53 billion. we got 21.46, so a little light on that. let's bring in our guests. max wolf from green press capital and david pearl next tomakers executive vice president and co-chief investment officer and jon fortt, anything to add on what we're seeing so far in the early statements of the microsoft report with stock up half a percent? >> yes, i've got a breakdown. >> 32.5, $1 billion on revenue is what we're getting on at&t right now and 44 cents for the eps is what we're getting for at&t as opposed to the expectation of 45, so it looks as though revenue was a little bit higher than exed, but looks as if the eps was one sent shorter than expected. we'll get back to microsoft right now and talk more about at&t earnings in just a second. >> don't you love it when they all come out at the same time. >> why can't you corporat
revenue is still growing rather slowly but still a pretty good environment. >> all right. here we go. the first of the earnings out from microsoft. we were expecting 75 cents. came in at 76 september, beating by a penny. the revenue was expected to be 21.53 billion. we got 21.46, so a little light on that. let's bring in our guests. max wolf from green press capital and david pearl next tomakers executive vice president and co-chief investment officer and jon fortt, anything to add on...
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Jan 29, 2013
01/13
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if you haven't reached out and grabbed this completely benign environment, you've really underperformed. if you look at the housing prices, the schiller index out here, we're at six-year highs, november to november. you have a place, as guy said, rates are telling you what's going on. you know what they called the two year note? >> the bunde-schad. this is telling you that even germany, which was the ultimate fight to quality, they were negative ten basis points. >> yeah, it is the regret rally, for anybody who missed last year, you got to chase it up at these levels. i can find 20 different reasons why the market should go down but it just doesn't. it keeps going up. a lot of it does appear to be cash coming into the market. the market isn't necessarily reacting to good or bad news. it is just mechanical. scares me a little bit. >> to brian's point. it is institutional asset allocation. one of the things that came out of davos was an analysis of where earnings are and the earnings yield for the overall market, relative to german bonds, u.s. treasuries, et cetera. 7% are in the market,
if you haven't reached out and grabbed this completely benign environment, you've really underperformed. if you look at the housing prices, the schiller index out here, we're at six-year highs, november to november. you have a place, as guy said, rates are telling you what's going on. you know what they called the two year note? >> the bunde-schad. this is telling you that even germany, which was the ultimate fight to quality, they were negative ten basis points. >> yeah, it is the...
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Jan 25, 2013
01/13
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and we really see an environment here where it's really going to be a golden age for individual -- >> like which ones? >> stock selection and active managers. >> pin it down. give us some names. >> okay. well, we like the theme of oil by rail. trinity industries which makes cars that move rail. we like a derivative of the housing recovery briggs & stratton. we also like names where there is kind of secular growth opportunities and we see a shoe carnival as a small retailer regardless of what happens with the consumer we think they can really grow their store base and do it all organically. >> got it. >> shoes on a ship? >> shoe carnival. >> marc travis does the dow get back to the record high in the next week or next week or two and then what happens? >> you know, i would hesitate to annualize up 6% for january. you know, i'm like eric. i'm searching for equity securities where there is a discount between price and value. i would differ a little bit with eric in the small cap space. if you look at the russel 2000 it trades at 16 times operating income. the inverse of that is 6.25, whi
and we really see an environment here where it's really going to be a golden age for individual -- >> like which ones? >> stock selection and active managers. >> pin it down. give us some names. >> okay. well, we like the theme of oil by rail. trinity industries which makes cars that move rail. we like a derivative of the housing recovery briggs & stratton. we also like names where there is kind of secular growth opportunities and we see a shoe carnival as a small...
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Jan 24, 2013
01/13
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we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> nice to have simon back to put europe in perspective, especially on a day where we got a few data points. >> we had a lot of data out today. spanish unemployment rising to a record 26%. there is one thing that i want to draw to your attention through that data. >> the european markets are closing now. >> and you can see it is positive. we added to the gains in europe. they were up about .1% at 6:00 a.m. new york time this morning. with 100 point rally on the dow, we got past the apple shock in terms of global market moves and you can see that reflected in western europe. the one data point i want to draw to your attention today is that the composite pmi for the eurozone is rising. it is still below 50. so we're still slightly contracting in europe, but at 48.2. jpmorgan is saying w
we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> nice to have simon back to put europe in perspective, especially on a day where we got a few data points. >> we had a lot of data out today. spanish unemployment rising to a record 26%. there is one thing that i want to draw to your...
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Jan 24, 2013
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that you need long-term stable environments. because when we look into plants or other investments we look out 10, 15 years. >> sounds like you're saying it was a mistake to make this speech. >> i'm not saying anything. you're asking me how do i believe investment positions could be affected. >> the other topic we've been talking about has been energy and energy policy in the united states. and it was making me think given the possibility of fracking and shale and everything else going on, does that give you any sense that you would make additional investments in the united states? >> andrew, already done. i think what we've seen in the united states is a great example that the energy direction of the united states is really competitiveness agenda. we see reindustrialization initiatives already happening. chemicals are coming back to the u.s. we will see further industrial build-out coming back to the united states. for us in twofolds it's a great growth business opportunities, for big and most modern gas turbine plant which we
that you need long-term stable environments. because when we look into plants or other investments we look out 10, 15 years. >> sounds like you're saying it was a mistake to make this speech. >> i'm not saying anything. you're asking me how do i believe investment positions could be affected. >> the other topic we've been talking about has been energy and energy policy in the united states. and it was making me think given the possibility of fracking and shale and everything...
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Jan 29, 2013
01/13
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in this environment and it's harder to provide guaranteed returns, is that a declining revenue stream? >> the problem with life insurers is a lot of their products they sell are discretionary. as people have less income and maybe they can't pay their mortgages, firstly, the top line is going to go down. secondly, as you say, a lot of life insurance profit is dictated by the return. as returns are low, property is under pressure. >> they have sold a lot of structure products to higher end investors. are those in decline, as well? >> yeah. i think a lot of complex analogies. >> and we have sovereignty two coming up which they keep fighting against. do we know what the full impact is going to be? >> it's still in debate. so i think the impact will be an improvement in risk management across the industry. that's a big win in the industry for a whole. they have more on the guarantee they offer and a more wholistic regime should make the industry stronger. >> and in the meantime, we can figure out whether the uk is leaving the eu. >> and then the uk has to worry about selling their products
in this environment and it's harder to provide guaranteed returns, is that a declining revenue stream? >> the problem with life insurers is a lot of their products they sell are discretionary. as people have less income and maybe they can't pay their mortgages, firstly, the top line is going to go down. secondly, as you say, a lot of life insurance profit is dictated by the return. as returns are low, property is under pressure. >> they have sold a lot of structure products to...
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Jan 25, 2013
01/13
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of course, it's a challenging environment. but i think it's something that is quite possible to happen. >> i was looking at some numbers and nearly 1% gdp growth this year is the target for growth in mexico. that's four times the pace of brazil. double the united states. because of that, you're seeing this huge inflow in money and business activity. are those targets accurate? >> yeah. i think this year we should be in the range between 3 1/2 and 4% growth. and it is a good growth rate if you compare it with other countries in the world with some latin countries in the continent. but it's not enough. mexico is still an emerging country. we have a substantial amount of people still in poverty. and we need the to grow faster and at a steady te that's why productivity is so important. and we have fantastic samples of competitive in mexico. we need to make productivity something that is variable to the overall pop laying to the majority of mexico. and that's why it's important to do this crosswide reforms that can have a broad imp
of course, it's a challenging environment. but i think it's something that is quite possible to happen. >> i was looking at some numbers and nearly 1% gdp growth this year is the target for growth in mexico. that's four times the pace of brazil. double the united states. because of that, you're seeing this huge inflow in money and business activity. are those targets accurate? >> yeah. i think this year we should be in the range between 3 1/2 and 4% growth. and it is a good growth...
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Jan 30, 2013
01/13
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in this environment it's not going to happen. >> to bring you back, is there any sense at all that the full in borrowing cost for the spanish government is going to feed through into the wider economy? i spoke on friday to the economic affairs minister. he told me this is what's going to happen -- now that borrowing costs are down it will feed through to the real economy. do you think that's going to happen or not? >> i hope yes because really we need some new measures. and we need some help to keep on growing again, as i was saying before. really, the -- what's going to say prime minister to all the investors. we have problems in the banking system with banking as you tell before. we have problem with the bank, and we need to -- a solution, to solve. with the meeting this morning with the president of the euro group, mr. junker, not tell any news about how will be the new measure. we are waiting and waiting and hoping that the new measures could be really strong, could be really positive. almost -- almost we're wishful that we could see cuts for the entrepreneurs, from the small and m
in this environment it's not going to happen. >> to bring you back, is there any sense at all that the full in borrowing cost for the spanish government is going to feed through into the wider economy? i spoke on friday to the economic affairs minister. he told me this is what's going to happen -- now that borrowing costs are down it will feed through to the real economy. do you think that's going to happen or not? >> i hope yes because really we need some new measures. and we need...
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Jan 28, 2013
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that's a shocking environment for stocks. stocks fell 10% to 15%. >> but still we've had people say that we can still do 4%. that that's just normal. that's just normalized -- >> over time. >> long-term yield. there would be some trepidation initially but that's not going to be something that would -- >> -- health environment -- >> >> we're going to get a lousy gdp number. >> but that should be backward looking. hopefully the market knows this is in the past, this isn't now. i think all the sentiments this week we have them from every country i think except japan business sentiment surveys coming out. that's a much more forward looking indicator. we're going to be watching that and housing. those are going to drive things as well as talking about earnings. we have 20% of the week. that's going to be a lot -- >> -- of the earnings season. now is when stocks usually begin to slide after a 4% rally in the two weeks before and al alcoa we could be hitting a rough patch as well. >> you've got a big lump money and you're like -- >>
that's a shocking environment for stocks. stocks fell 10% to 15%. >> but still we've had people say that we can still do 4%. that that's just normal. that's just normalized -- >> over time. >> long-term yield. there would be some trepidation initially but that's not going to be something that would -- >> -- health environment -- >> >> we're going to get a lousy gdp number. >> but that should be backward looking. hopefully the market knows this is in the...
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Jan 25, 2013
01/13
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we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> good morning. welcome back to "squawk on the street." look at shares of halliburton, popping higher after releasing the fourth quarter earnings report. revenue higher than expectations as well. comments on the outlook contributing to gains today. the company saying it sees 2013 eastern hemisphere margins averaging in the upper teens. that forecast better than expectations. the stock popping more than 4%. >> thank you very much, jackie. in the last 30 minutes, bright horizons family solutions surged on the big board debut at the nyse. bfam is the ticker. currently trading, up $6.25. joining us on a first cnbc interview, david lissy. good morning. congratulations. >> good morning, simon. good to be here. >> you had a two-week road show. how difficult a sale was this to people? >> we'
we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> good morning. welcome back to "squawk on the street." look at shares of halliburton, popping higher after releasing the fourth quarter earnings report. revenue higher than expectations as well. comments on the outlook contributing to...
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Jan 28, 2013
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retailers, we're operating within the irish domestic market exclusively, it's a very, very different environment with awkward rent reviews, public sector costs are highly uncompetitive right across costs such as wages. other local authority charges on retailers in particular and those with large industrial premises within the country and we also have a domestic mortgage crisis with the banks. >> now, ryanair shares are under pressure today. you can see they're trading down by better than 2%, in fact, taking the sector down, too. ez-jet is one of the worst performers on the stoxx 600 today. ryanair is roughly flat over the past seven days, so marginally higher from where we were a week ago on the back of those comments. >>> we are going to head out to tokyo as toyota reclaims the crown from gm as the world's biggest carmaker. we'll get the latest from egypt as president morsi declares a month-long state of emergency. dozens of people have been killed over anti-government protests. we'll take a view on equities, too. the dow, as we said, is on pace for its best january since 1989. and, again, for
retailers, we're operating within the irish domestic market exclusively, it's a very, very different environment with awkward rent reviews, public sector costs are highly uncompetitive right across costs such as wages. other local authority charges on retailers in particular and those with large industrial premises within the country and we also have a domestic mortgage crisis with the banks. >> now, ryanair shares are under pressure today. you can see they're trading down by better than...
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Feb 1, 2013
02/13
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. >> so it creates a competitive environment? >> the most and it's great for their reputation, their reel and it's wonderful when you can go and do business pictures and you have this repertoire of great iconic ads that you've done. >> you own many agencies now. which one do you like most? it's saying which child do you like better, but -- >> 72 and sunny was one of our two new agencies that we acquired a partnership interest. they're awarded agency of the year. they're the ones who did the samsung spots that were really iconic in terms of their impact. >> yeah. >> and it was phenomenal. so we're lucky. we have six extraordinary agencies out of the 60 that are -- >> chrispin, of course, was for many years the hottest. >> and a new firm called the anomaly. >> do these things go in cycles? >> probably. probably. but i think -- >> is that part of your model, though? >> it's the back entrepreneurial firms who understand how consumers consume input in an evolving and emerging technolei technologyal environment. but the one thing i wil
. >> so it creates a competitive environment? >> the most and it's great for their reputation, their reel and it's wonderful when you can go and do business pictures and you have this repertoire of great iconic ads that you've done. >> you own many agencies now. which one do you like most? it's saying which child do you like better, but -- >> 72 and sunny was one of our two new agencies that we acquired a partnership interest. they're awarded agency of the year. they're...
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Jan 29, 2013
01/13
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one is we still want an environment and policies that support medical innovation. two, we want to also make sure that we have policies that support the improvement of the quality of health care in this country. and third, we also want policies that support the competitiveness of u.s. businesses. if we're able to generate policies that engender that and foster that kind of general we think we can have a very conducive pharmaceutical industry and biotech industry in this country. >> i have a question for you. this is a layman's question. are you finding, what's the split of revenue for domestic versus international and are you growing faster domestically or internationally and in the international markets you face a lot of regulatory pressure that you don't that's different than what you see here? that's three questions in one. >> today our business is split about 50/50. half the business in the u.s., and half outside the u.s. from a regulatory standpoint we've seen a harmonization between the u.s. and europe. obviously in some of the more developed markets like chin
one is we still want an environment and policies that support medical innovation. two, we want to also make sure that we have policies that support the improvement of the quality of health care in this country. and third, we also want policies that support the competitiveness of u.s. businesses. if we're able to generate policies that engender that and foster that kind of general we think we can have a very conducive pharmaceutical industry and biotech industry in this country. >> i have...
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Jan 25, 2013
01/13
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>> the commodity environment we saw the last few years. certainly a better environment from a foreign exchange standpoint. multinational company earning profits. >> forex. and europe is better? >> europe, northern europe is pretty good. southern europe is still a challenge, because your previous guest would indicate. >> all right. you don't sell a lot of soap in certain countries over there. no, i'm kidding! i don't mean to -- i don't mean, you know, deodorant in one country in particular. let me think, anything else, jon, china? how's asia? >> asia is good. china is good. we grew high single digits in china. we expect that to accelerate as the year progresses. so generally our developing market business is very healthy. we grew 7% overall. 11% in the brick markets. over 20% in brazil and india. so that continues to be where a disproportionate amount of growth is coming. at the same time we're strengthening our develop market business which is starting to accelerate a little bit. >> thanks, john. hope to see you again next quarter so we ca
>> the commodity environment we saw the last few years. certainly a better environment from a foreign exchange standpoint. multinational company earning profits. >> forex. and europe is better? >> europe, northern europe is pretty good. southern europe is still a challenge, because your previous guest would indicate. >> all right. you don't sell a lot of soap in certain countries over there. no, i'm kidding! i don't mean to -- i don't mean, you know, deodorant in one...
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Jan 31, 2013
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what do you do in that environment? you make sure you're figuring out ways to grow organically. you make sure that you're continuing to be lean in your performance as best as possible. and you look at your portfolio. >> steve real quick in the board room confidence level if confidence was off the charts in 2007 at one to ten they were at a ten, what is it now? >> i think right now, six. and an opportunity, i'm really feeling some optimism, people think we're going to get it together in this country. >> steve thank you for being here this morning. >> thanks for having me. >> appreciate it very much. >> coming up, "squawk" is going to -- didn't have time top i tried to get some yes. tomorrow we have the kansas drummer. you really cleaned yourself up from when you were the guitar player for yes, steve howe, and the pitcher that actually he's dead i think so you're doing a lot better than him. >> i live a cleaner life. >> than either steve howe. tyler mathisen will join us to talk about his new documentary, speaking of steve howe. debt. it's a living. >>> tomorrow on "squawk box," i
what do you do in that environment? you make sure you're figuring out ways to grow organically. you make sure that you're continuing to be lean in your performance as best as possible. and you look at your portfolio. >> steve real quick in the board room confidence level if confidence was off the charts in 2007 at one to ten they were at a ten, what is it now? >> i think right now, six. and an opportunity, i'm really feeling some optimism, people think we're going to get it together...